5 Common Mistakes Homebuyers Make and How to Avoid Them

Purchasing a new home, especially if it is your first one, is a rewarding and a defining moment in your life. That’s why it is so important to be sure you are making the right choice!

Unfortunately, not all home buyers know the right things to do when purchasing a home. They end up making silly mistakes that can have a huge impact on their search for the perfect house. To help you avoid making these common mistakes, below is a list of five common errors that homebuyers make and how you can avoid them.

Mistake #1: Not Hiring a Real Estate Agent

Yes, the Internet has made the home searching process so easy and convenient, but that does not mean you shouldn’t enlist the services of a professional real estate agent. While the thought of saving money on a commission is tempting, it will certainly not save you in the long run. Real estate agents are trained and experienced with finding the best homes on the market, negotiating with sellers, understanding rules, regulations and legal procedures and much more! Plus, they can pair you up with reputable sources for financing, insurance, inspections, remodeling and any other service you may need. Not having a real estate agent to guide you throughout the process could leave you exposed to overpaying for a home or buying one which you may regret later on. Save yourself the trouble and hire an agent from the start.

Mistake #2: Not Getting Pre-Approved

Searching for homes before getting pre-approved is only going to leave you with wasted time and, perhaps, a broken heart when you find out that dream house is way out of your budget. Getting a pre-approval will help you determine your price range; therefore, you know what homes you can seriously look at and which you should avoid. Along with getting pre-approved, you should assess your finances. Don’t just use online tools to help calculate how much they can afford to spend on a new home – evaluate your income versus your expenses, including credit card debt, student loans, cell phone payments, car payments, etc. It is also a good idea to pull bank statements from the past six months and look at expenses that you could potentially cut out – do you need to get your nails every two weeks or does your car really have to be detailed once a month? If you’re not the best with numbers, seek help from a personal finance professional.

Mistake #3: Not Getting a Home Inspection

Waiving the home inspection in order to save a few hundred dollars is a huge mistake! While a few hundred dollars may seem like a lot, it may be a small price to pay if costly repairs are discovered. Home inspections search for things that you would not see by simply walking through the house, plus the professional inspector will be able to point out any dangers in the house that need immediate repairs. Plus, negative remarks on the home inspection could help you better negotiate the price of the home or request the seller to make repairs before you move forward. The small amount that you pay for the inspection can save you a lot of headache and money in the future, so do not skip out!

Mistake #4: Buying a Home Purely Based on Aesthetic Value

Buying a home based on its appearance alone without considering its condition properly is a bad idea. A lot of home buyers are falling victim to very beautiful and attractive homes that end up needing a lot more work than anticipated. Be a wise home buyer and don’t fall for aesthetic value alone. Look beyond the beauty of a house and make sure that you and your family can live in it without making a lot of costly repairs. Hint: A home inspection will help you determine if the house is too good to be true.

Mistake #5: Not Doing the Necessary Research

Buying a home involves a lot of different factors, which is why doing the right research is essential. Some home buyers don’t really take time to do this and they end up regretting it in the long run. You never want to buy a home without considering several aspects, such as the neighborhood, the location’s safety, the proximity to schools, hospitals, groceries and other necessities, and other similar factors. These factors can be deal breakers so be sure to avoid buying a home without considering them carefully beforehand.

ABOUT THE AUTHOR

Scott Maizlish specializes in luxury real estate with Summit Sotheby’s International in Park City, Utah